雨课堂学堂在线学堂云《公司金融（清华大学）》单元测试考核答案

公司金融第1题Whichofthefollowingistheoverarchingprinciplethatafinancialmanagershouldfollowwhenmakingdecisions?ADecisionsshouldgeneratethegreatestbenefitsforthefirm.BDecisionsshouldprovidebenefittothefirmwithoutincurringcosts.CDecisionsshouldbeonbehalfofthefirm'sownersthatgivethegreatestbenefittothoseowners,thefirm'semployeesandthefirm'sotherstakeholders.DDecisionsshouldincreasethevalueofthefirmtoitsinvestors.第2题Whatisacompetitivemarket?AamarketinwhichgoodshaveadifferentaskpriceandbidpriceBamarketinwhichagoodcanbeboughtandsoldatthesamepriceCamarketinwhichagoodissoldatalowerpricethanthatforwhichitcanbeboughtDamarketinwhichagoodisboughtforalowerpricethanthatforwhichitcanbesold第3题AU.S.-basedmanufacturerofsunscreeniscontemplatingusingfundstopurchasecourtsideadvertisingatmajortennismatchessuchastheFrenchOpenandtheAustralianOpen.Advertisingatsuchwellviewedinternationaleventswillthenraisethedomesticsalesofthemanufacturersproducts.Whichofthefollowingfactorsisthemostrelevantwhenanalyzingthisdecision?AthecostofthemachineusedtoproducethesunscreenBthemanufacturingprocessofthesunscreenCthecostoftheexistingadvertisingcampaignDthecostofthecourtsideadvertisingatthetennismatches第4题Whichofthefollowingstatementsregardingthecost-benefitanalysisisNOTcorrect?AThefirststepinevaluatingaprojectistoidentifyitscostsandbenefits.BIntheabsenceofcompetitivemarkets,wecanuseone-sidedpricestodetermineexactcashvalues.CCompetitivemarketpricesallowustocalculatethevalueofadecisionwithoutworryingaboutthetastesoropinionsofthedecisionmaker.DBecausecompetitivemarketsexistformostcommoditiesandfinancialassets,wecanusethemtodeterminecashvaluesandevaluatedecisionsinmostsituations.第5题Usetheinformationforthequestion(s)below.AlaskaNorthSlopeCrudeOil(ANS)$71.75/bblWestTexasIntermediateCrudeOil(WTI)$73.06/bblAsanoilrefiner,youareabletoproduce$77worthofunleadedgasolinefromonebarrelofAlaskaNorthSlope(ANS)crudeoil.Becauseofitslowersulfurcontent,youcanproduce$78worthofunleadedgasolinefromonebarrelofWestTexasIntermediate(WTI)crude.Anotheroilrefinerisofferingtotradeyou10,150bblofAlaskaNorthSlope(ANS)crudeoilfor10,000bblofWestTexasIntermediate(WTI)crudeoil.Assumingyoucurrentlyhave10,000bblofWTIcrude,theaddedbenefit(cost)toyouifyoutakethetradeisclosestto()A($1550)B$1550C($3475)D$3475第6题Usetheinformationforthequestion(s)below.AlaskaNorthSlopeCrudeOil(ANS)$71.75/bblWestTexasIntermediateCrudeOil(WTI)$73.06/bblAsanoilrefiner,youareabletoproduce$76worthofunleadedgasolinefromonebarrelofAlaskaNorthSlope(ANS)crudeoil.Becauseofitslowersulfurcontent,youcanproduce$77worthofunleadedgasolinefromonebarrelofWestTexasIntermediate(WTI)crude.Anotheroilrefinerisofferingtotradeyou10,150bblofAlaskaNorthSlope(ANS)crudeoilfor10,000bblofWestTexasIntermediate(WTI)crudeoil.Assumingyoucurrentlyhave10,000bblofWTIcrude,whatshouldyoudo?ASell10,000bblWTIcrudeonthemarketandusetheproceedstopurchaseandrefineANScrude.BDonothing;refinethe10,000bblofWTIcrude.CTradethe10,000bblWTIcrudewiththeotherrefinerandrefinethe10,150bblofANScrude.DTradethe10,000bblWTIcrudewiththeotherrefinerandthensellthe10,150bblofANScrude.第7题Acoincollectortreasureshis1969-SdoubleddieobverseLincolncentbecausehefounditinhispocketchange,ratherthanpurchasingit.Hecansellitontheopenmarketfor$35,000,butwouldonlysellitforatleasttwicethatprice,duetoitssentimentalvaluetohim.Itisanticipatedthatthecoinwillincreaseinmarketvalueintheforeseeablefuture.Whatisthevalueofthecoin?A$0.01,sincehepaidnothingtoobtainthecoinandithasafacevalueofonecent.B$35,000,sincethisisthepricethatthecoinwouldfetchontheopenmarket.CAtleast$35,000,sincehecouldreplacethecoinfor$35,000,butthecoinheownshasadditionalintangiblevalueduetoitssentimentalvalue.DAtleast$35,000,sincethevalueofthecoinwillincreaseinthefuture.第8题Afirmhascontractedtosupply500,000gallonsofpropanefuelfor$1.46milliontothelocalmunicipality.Themunicipalitywantstobreakthecontract.Whatdoestheminimumcurrentmarketpriceofpropaneneedtobeinorderforthefirmtobenefitfrombreakingthecontract?Agreaterthan$2.90pergallonBgreaterthan$2.92pergallonCgreaterthan$2.94pergallonDgreaterthan$2.96pergallon第9题Whosecashflowisbestdescribedbythetimelineshownbelow?Date(years)01234CashFlows-$3,500$1,000$1,000$1,000$1,000AJoe,whoputsdown$3,500tobuyacar,andthenmakesannualpaymentsof$1,000BHarry,whoborrows$3,500,andthenreceivesanannualpaymentof$1,000CKaren,wholoansafriend$3,500,whichfriendthenpaysbacktheloaninfourannualinstallmentsof$1,000DLeo,whoborrows$3,500,andthenpaysbacktheloaninfourannualpaymentsof$1,000第10题Whatisthepresentvalue(PV)of$100,000receivedsixyearsfromnow,assumingtheinterestrateis8%peryear?A$60,000.00B$63,016.96C$78,771.20D$110,279.68第11题Whichofthefollowinginvestmentshasahigherpresentvalue,assumingthesame(strictlypositive)interestrateappliestobothinvestments?AInvestmentXhasahigherpresentvalue.BInvestmentYhasahigherpresentvalue.CInvestmentXandInvestmentYhavethesamepresentvalue,sincethetotalofthecashflowsisthesameforboth.DNocomparisoncanbemade—weneedtoknowtheinterestratetocalculatethepresentvalue.第12题Alotterywinnerwillreceive$6millionattheendofeachofthenexttwelveyears.Whatisthefuturevalue(FV)ofherwinningsatthetimeofherfinalpayment,giventhattheinterestrateis8.6%peryear?A$94.40millionB$118.00millionC$165.20millionD$188.80million第13题Whatisthepresentvalue(PV)ofaninvestmentthatwillpay$500inoneyear'stime,and$500everyyearafterthat,whentheinterestrateis10%?A$2500B$4000C$3000D$5000第14题Whichofthefollowingistrueaboutperpetuities?ASinceaperpetuitygeneratescashflowseveryperiodinfinitely,thecashflowgeneratedequalsthePVtimestheinterestrate.BSinceaperpetuitygeneratescashflowseveryperiodinfinitely,initialcashoutflowmustbediscountedtocalculatethepresentvalue.CSinceaperpetuitygeneratescashflowseveryperiodinfinitely,thereisnowaytosolveforthecashflowusingthepresentvalueandtheinterestrate.DSinceaperpetuitygeneratescashflowseveryperiodinfinitely,itsFVisthesameasitsPV.第15题Anannuityissetupthatwillpay$1500peryearfortenyears.Whatisthepresentvalue(PV)ofthisannuitygiventhatthediscountrateis9%?A$5776B$9626C$11,551D$13,476第16题Ifthecurrentrateofinterestis8%,thenthepresentvalue(PV)ofaninvestmentthatpays$1200peryearandlasts24yearsisclosesttoA$7581B$15,162C$12,635D$17,689第17题InvestmentXandInvestmentYarebothgrowingperpetuitieswithinitialcashflowof$100.Bothinvestmentshavethesameinterestrate(r)andcashflows.ThepresentvalueofInvestmentXis$5,000,whilethepresentvalueofInvestmentYis$4,000.Whichofthefollowingistrue?AInvestmentXhasahighergrowthratethanInvestmentY.BInvestmentXhasalowergrowthratethanInvestmentY.CTheanswercannotbedeterminedwithoutknowingtheinterestrateforbothinvestments.DWiththesameinitialcashflowandthesameinterestrate,InvestmentXandInvestmentYshouldhavethesamepresentvalue.第18题Supposethatayoungcouplehasjusthadtheirfirstbabyandtheywishtoinsurethatenoughmoneywillbeavailabletopayfortheirchild'scollegeeducation.Theydecidetomakedepositsintoaneducationalsavingsaccountoneachoftheirdaughter'sbirthdays,startingwithherfirstbirthday.Assumethattheeducationalsavingsaccountwillreturnaconstant9%.Theparentsdeposit$2400ontheirdaughter'sfirstbirthdayandplantoincreasethesizeoftheirdepositsby7%eachyear.Assumingthattheparentshavealreadymadethedepositfortheirdaughter's18thbirthday,thentheamountavailableforthedaughter'scollegeexpensesonher18thbirthdayisclosesttoA$80,232B$160,463C$112,324D$176,509第19题Danbuysapropertyfor$210,000.Heisoffereda30-yearloanbythebank,ataninterestrateof8%peryear.WhatistheannualloanpaymentDanmustmake?A$18,653.76B$22,384.51C$26,115.26D$29,846.02第20题Abankoffersahomebuyera20-yearloanat8%peryear.Ifthehomebuyerborrows$130,000fromthebank,howmuchmustberepaideveryyear?A$15,888.95B$18,537.11C$21,185.26D$13,240.79第1题Abankoffersaloanthatwillrequiresyoutopay7%interestcompoundedmonthly.WhichofthefollowingisclosesttotheEARchargedbythebank?A5.78%B8.68%C7.23%D14.46%第2题Whichofthefollowingbestdescribestheannualpercentagerate?Athequotedinterestratewhich,consideredwiththecompoundingperiod,givestheeffectiveinterestrateBtheeffectiveannualrate,aftercompoundingistakenintoaccountCthediscountrate,whencompoundedmorethanonceayearorlessthanonceayearDthediscountrate,wheneffectiveannualrateisdividedbythenumberoftimesitiscompoundedinayear第3题Ananimatorneedsalaptopforaudio/videoediting,andnoticesthathecanpay$2600foraDellXPSlaptop,orleasefromthemanufacturerformonthlypaymentsof$75eachforfouryears.Thedesignercanborrowataninterestrateof14%APRcompoundedmonthly.Whatisthecostofleasingthelaptopoverbuyingitoutright?ALeasingcosts$116morethanbuying.BLeasingcosts$174morethanbuying.CLeasingcosts$145morethanbuying.DLeasingcosts$289morethanbuying.第4题Apotteryfactorypurchasesacontinuousbeltconveyorkilnfor$68,000.A6.3%APRloanwithmonthlypaymentsistakenouttopurchasethekiln.Ifthemonthlypaymentsare$765.22,overwhattermisthisloanbeingpaid?A8yearsB9yearsC10yearsD11years第5题Ursulawantstobuya$19,000usedcar.Shehassavingsof$2,000plusan$800trade-in.Shewantshermonthlypaymentstobeabout$282.Whichofthefollowingloansoffersmonthlypaymentsclosestto$282?A7.8%APRfor36monthsB7.8%APRfor48monthsC7.8%APRfor60monthsD7.8%APRfor72months第6题Ahomebuyerbuysahousefor$2,155,000.Shepays20%cash,andtakesafixed-ratemortgagefortenyearsat7.70%APR.Ifshemakessemi-monthlypayments,whichofthefollowingisclosesttoeachofherpayment?A$11,342.47B$10,311.34C$12,373.61D$8249.07第7题Whichofthefollowingcomputesthegrowthinpurchasingpower?Agrowthofmoney+growthofpricesB(1+realrate)/(1+nominalrate)C(1+inflationrate)/(1+nominalrate)Dgrowthofmoney/growthofprices第8题Giventhattheinflationratein2006wasabout3.24%,whileashort-termmunicipalbondofferedarateof2.9%,whichofthefollowingstatementsiscorrect?AThepurchasingpowerofinvestorsinthesebondsgrewoverthecourseoftheyear.BTherealinterestrateforinvestorsinthesebondswasgreaterthantherateofinflation.CInvestorsinthesebondswereabletobuylessattheendoftheyearthantheycouldhavepurchasedatthestartoftheyear.DThenominalinterestrateofferedbythesebondsgavethetrueincreaseinpurchasingpowerthatresultedfrominvestinginthesebonds.第9题Elinoreisaskedtoinvest$5100inafriend'sbusinesswiththepromisethatthefriendwillrepay$5610inoneyear.Elinorefindsherbestalternativetothisinvestment,withsimilarrisk,isonethatwillpayher$5508inoneyear.U.S.securitiesofsimilartermofferarateofreturnof7%.Whatistheopportunitycostofcapitalinthiscase?A7%B8%C9%D10%第10题WhichofthefollowingstatementsisFALSE?ATheactualreturnkeptbyaninvestorwilldependonhowtheinterestistaxed.BTheequivalentafter-taxinterestrateisr(1-τ).CThehighestinterestrateforagivenhorizonistheratepaidonU.S.Treasurysecurities.DItisimportanttouseadiscountratethatmatchesboththehorizonandtheriskofthecashflows.第11题Whatisthecouponpaymentofa25-year$1000bondwitha4.5%couponratewithquarterlypayments?A$3.75B$11.25C$22.50D$45.00第12题AninvestorholdsaFordbondwithafacevalueof$5000,acouponrateof8.5%,andsemiannualpaymentsthatmaturesonJanuary15,2029.HowmuchwilltheinvestorreceiveonJanuary15,2029?A$2606.25B$5000.00C$5212.50D$5425.00第13题Whatistheyieldtomaturityofaone-year,risk-free,zero-couponbondwitha$10,000facevalueandapriceof$9400whenreleased?A3.191%B6.000%C6.383%D0.909%第14题Whyistheyieldtomaturityofazero-coupon,risk-freebondthatmaturesattheendofagivenperiodtherisk-freeinterestrateforthatperiod?ASincesuchabondprovidesarisk-freereturnoverthatperiod,theLawofOnePriceguaranteesthattherisk-freeinterestrateequalstheyieldtomaturity.BSinceabond'spricewillconvergeonitsfacevalueasthebondapproachesthematuritydate,theLawofOnePricedictatesthattherisk-freeinterestratewillreflectthisconvergence.CSinceinterestrateswillriseandfallinresponsetothemovementinbondprices.DSincethereis,bydefinition,noriskininvestinginsuchbonds,thereturnfromsuchbondsisthebestthatcanbeexpectedfromanyinvestmentovertheperiod.第15题Whatistheyieldtomaturityofa(n)eight-year,$5000bondwitha4.4%couponrateandsemiannualcouponsifthisbondiscurrentlytradingforapriceof$4723.70?A6.31%B5.26%C7.36%D2.63%第16题Whatmustbethepriceofa$10,000bondwitha6.1%couponrate,semiannualcoupons,andfiveyearstomaturityifithasayieldtomaturityof10%APR?A$8494.26B$10,193.11C$11,891.97D$6795.41第17题Whichofthefollowingbondsistradingatapremium?Aafive-yearbondwitha$2,000facevaluewhoseyieldtomaturityis7.0%andcouponrateis7.2%APRpaidsemiannuallyBaten-yearbondwitha$4,000facevaluewhoseyieldtomaturityis6.0%andcouponrateis5.9%APRpaidsemiannuallyCa15-yearbondwitha$10,000facevaluewhoseyieldtomaturityis8.0%andcouponrateis7.8%APRpaidsemiannuallyDatwo-yearbondwitha$50,000facevaluewhoseyieldtomaturityis5.2%andcouponrateis5.2%APRpaidmonthly第18题Whichofthefollowingstatementsistrueofbondprices?AAfallinbondpricescausesinterestratestofall.BAfallininterestratescausesafallinbondprices.CAriseininterestratescausesbondpricestofall.DBondpricesandinterestratesarenotconnected.第19题Security:TreasuryAAACorporateBBBCorporateBCorporateYield(%):6.9Theabovetableshowstheyieldstomaturityonanumberofthree-year,zero-couponsecurities.Whatisthepriceper$100ofthefacevalueofathree-year,zero-couponcorporatebondwithaBBBrating?A$99.06B$115.57C$82.55D$66.04第20题Afirmissuestwo-yearbondswithacouponrateof6.7%,paidsemiannually.Thecreditspreadforthisfirm'stwo-yeardebtis0.8%.Newtwo-yearTreasurynotesarebeingissuedatparwithacouponrateof3.1%.Whatshouldthepriceofthefirm'soutstandingtwo-yearbondsbeper$100offacevalue?A$126.40B$147.47C$84.27D$105.34作业三第1题Tannerischoosingbetweentwoinvestmentoptions.Hecaninvest$500nowandget(guaranteed)$550inoneyear,orinvest$500nowandget(guaranteed)$531.40backlatertoday.Therisk-freerateis3.5%.WhichinvestmentshouldTannerprefer?A531.40𝑙𝑎𝑡𝑒𝑟𝑡𝑜𝑑𝑎𝑦,𝑠𝑖𝑛𝑐𝑒1todayisworthmorethan$1inoneyear.B550𝑖𝑛𝑜𝑛𝑒𝑦𝑒𝑎𝑟,𝑠𝑖𝑛𝑐𝑒𝑖𝑡𝑖𝑠50morethanheinvestedratherthan$31.40morethanheinvested.CNeither-bothinvestmentshaveanegativeNPV.DTannershouldbeindifferentbetweenthetwoinvestments,sincebothareequivalenttothesameamountofcashtoday.第2题Afirmhasanopportunitytoinvest$95,000todaythatwillyield$109,250inoneyear.Ifinterestratesare4%,whatisthenetpresentvalue(NPV)ofthisinvestment?A$10,048B$11,053C$14,250D$16,077第3题Asecurityfirmisoffered$80,000inoneyearforprovidingCCTVcoverageofaproperty.Thecostofprovidingthiscoveragetothesecurityfirmis$74,000,payablenow,andtheinterestrateis8.5%.Shouldthefirmtakethecontract?AYes,sincenetpresentvalue(NPV)ispositive.BItdoesnotmatterwhetherthecontractistakenornot,sinceNPV=0.CYes,sincenetpresentvalue(NPV)isnegative.DNo,sincenetpresentvalue(NPV)isnegative.第4题Anauto-partscompanyisdecidingwhethertosponsoraracingteamforacostof$1million.Thesponsorshipwouldlastforthreeyearsandisexpectedtoincreasecashflowsby$570,000peryear.Ifthediscountrateis6.9%,whatwillbethechangeinthevalueofthecompanyifitchoosestogoaheadwiththesponsorship?A$498,597B$747,896C$797,756D$847,615第5题Amanufacturerofvideogamesdevelopsanewgameovertwoyears.Thiscosts$830,000peryearwithonepaymentmadeimmediatelyandtheotherattheendoftwoyears.Whenthegameisreleased,itisexpectedtomake$1.20millionperyearforthreeyearsafterthat.Whatisthenetpresentvalue(NPV)ofthisdecisionifthecostofcapitalis10%?A$950,349B$1,045,384C$1,520,559D$1,805,663第6题WhichofthefollowingstatementsisFALSE?AIngeneral,thedifferencebetweenthecostofcapitalandtheinternalrateofreturn(IRR)isthemaximumamountofestimationerrorinthecostofcapitalestimatethatcanexistwithoutalteringtheoriginaldecision.BTheinternalrateofreturn(IRR)canprovideinformationonhowsensitiveyouranalysisistoerrorsintheestimateofyourcostofcapital.CIfyouareunsureofyourcostofcapitalestimate,itisimportanttodeterminehowsensitiveyouranalysisistoerrorsinthisestimate.DIfthecostofcapitalestimateismorethantheinternalrateofreturn(IRR),thenetpresentvalue(NPV)willbepositive.第7题Consideraprojectwiththefollowingcashflows:YearCashFlow0-12,00013000230003300043000Iftheappropriatediscountrateforthisprojectis13%,thenthenetpresentvalue(NPV)isclosesttoA$24,000B-$1846C-$3077D-$2154第8题WhichofthefollowingsituationscanleadtoIRRgivingadifferentdecisionthanNPV?AdelayedinvestmentBmultipleIRRsCdifferencesinprojectscaleDAlloftheabovecanleadtoIRRgivingadifferentdecisionthanNPV.第9题WhichofthefollowingisNOTalimitationofthepaybackrule?AItdoesnotconsiderthetimevalueofmoney.BLacksadecisioncriterionthatiseconomicallybased.CItisdifficulttocalculate.DItdoesnotconsidercashflowsoccurringafterthepaybackperiod.第10题Afloristisbuyinganumberofmotorcyclestoexpanditsdeliveryservice.Thesewillcost$78,000butareexpectedtoincreaseprofitsby$3000permonthoverthenextfouryears.Whatisthepaybackperiodinthiscase?A10.40monthsB15.60monthsC19.50monthsD26.00months第11题ProjectAProjectBTime0-10,000-10,000Time15,0004,000Time24,0003,000Time33,00010,000IfWiseGuyIncischoosingoneoftheabovemutuallyexclusiveprojects(ProjectAorProjectB),givenadiscountrateof7%,whichshouldthecompanychoose?AProjectABProjectBCNeitherproject—bothhavenegativeNPV.DBothprojects—bothhavepositiveNPV.第12题Aninvestorhastheopportunitytoinvestinfournewretailstores.Theamountthatcanbeinvestedineachstore,alongwiththeexpectedcashflowattheendofthefirstyear,thegrowthrateoftheconcern,andthecostofcapitalisshownforeachcase.Itisassumedeachinvestmentwilloperateinperpetuityaftertheinitialinvestment.Whichinvestmentshouldtheinvestorchoose?AInitialinvestment:$100,000;Cashflowinyear1:$12,000;GrowthRate:1.25%;CostofCapital:9.1%BInitialinvestment:$90,000;Cashflowinyear1:$10,000;GrowthRate:1.50%;CostofCapital:9.3%CInitialinvestment:$80,000;Cashflowinyear1:$8,000;GrowthRate:1.75%;CostofCapital:8.0%DInitialinvestment:$60,000;Cashflowinyear1:$6,000;GrowthRate:2.50%;CostofCapital:7.2%第13题Ajanitorialservicesfirmisconsideringtwobrandsofindustrialvacuumcleanerstoequiptheirstaff.OptionAwillcost$1,500,requireservicingof$200peryear,anditwilllastfiveyears.OptionBwillcost$1,000,requireservicingof$100peryear,anditwilllastthreeyears.Ifthecostofcapitalis8%,whichisthebetteroption,giventhatthefirmhasanongoingrequirementforvacuumcleaners?AOptionA,sinceithasalowerequivalentannualannuity.BOptionB,sinceithasalowerequivalentannualannuity.COptionA,sinceithasagreaterequivalentannualannuity.DOptionB,sinceithasagreaterequivalentannualannuity.第14题AsecuritycompanyofferstoprovideCCTVcoverageforaparkinggaragefortenyearsforaninitialpaymentof$50,000andadditionalpaymentsof$30,000peryear.Whatistheequivalentannualannuityofthisdeal,givenacostofcapitalof5%?A-$21,885B-$25,533C-$29,180D-$36,475第15题Alawnmaintenancecompanycomparestworide-onmowers—theExcelsior,whichhasanexpectedworking-lifeofsixyears,andtheGrassassinator,whichhasaworkinglifeoffouryears.Afterexaminingtheequivalentannualannuitiesofeachmower,thecompanydecidestopurchasetheExcelsior.Whichofthefollowing,iftrue,wouldbemostlikelytomakethemchangethatdecision?AFuelpricesareexpectedtoriseandraisetheannualrunningcostsofallmowers.BThemowerisonlyexpectedtobeneededforthreeyears.CThepricesofequivalentmowersareexpectedtogrowinthefutureaslawnmowermanufacturersconsolidate.DThenumberofcustomersrequiringlawn-mowingservicesisexpectedtosharplyincreaseinthenearfuture.第16题Theownerofanumberofgasstationsisconsideringinstallingcoffeemachinesinhisgasstations.Itwillcost$270,000toinstallthecoffeemachines,andtheyareexpectedtoboostcashflowsby$120,536peryearfortheirfive-yearworkinglife.Whatmustthecostofcapitalbeifthisinvestmenthasaprofitabilityindexof1?A1.89%B3.78%C7.55%D9.44%第17题Youareopeningupabrandnewretailstripmall.Youpresentlyhavemorepotentialretailoutletswantingtolocateinyourmallthanyouhavespaceavailable.Whatisthemostappropriatetooltouseifyouaretryingtodeterminetheoptimalallocationofyourretailspace?Ainternalrateofreturn(IRR)BpaybackperiodCnetpresentvalue(NPV)Dprofitabilityindex第18题WhichofthefollowingisadisadvantageoftheNetPresentValuerule?AcanbemisleadingifinflowscomebeforeoutflowsBnotnecessarilyconsistentwithmaximizingshareholderwealthCignorescashflowsafterthecutoffpointDreliesonaccurateestimateofthediscountrate第19题Whichofthefollowingistrueregardingtheprofitabilityindex?AItdoesnotusethenetpresentvalue(NPV)toassessbenefits.BItisverysimpletocompute.CAttentionmustbetakenwhenusingittomakesurethatalloftheconstrainedresourceisutilized.DItisunreliablewhenusedforchoosingbetweendifferentprojects.第20题Afirmisconsideringseveralmutuallyexclusiveinvestmentopportunities.Thebestwaytochoosebetweenthemiswhichofthefollowing?AprofitabilityindexBpaybackperiodCnetpresentvalue(NPV)Dinternalrateofreturn(IRR)作业四第1题ThecapitalbudgetingprocessbeginsbyAanalyzingalternateprojectsBevaluatingthenetpresentvalue(NPV)ofeachproject'scashflowsCcompilingalistofpotentialprojectsDforecastingthefutureconsequencesforthefirmofeachpotentialproject第2题Whichofthefollowingbestdefinesincrementalearnings?AcashflowsarisingfromaparticularinvestmentdecisionBtheamountbywhichafirm'searningsareexpectedtochangeasaresultofaninvestmentdecisionCtheearningsarisingfromallprojectsthatacompanyplanstoundertakeinafixedtimespanDthenetpresentvalue(NPV)ofearningsthatafirmisexpectedtoreceiveastheresultofaninvestmentdecision第3题Whichofthefollowingbestdescribeswhythepredictedincrementalearningsarisingfromagivendecisionarenotsufficientinandofthemselvestodeterminewhetherthatdecisionisworthwhile?ATheydonottellhowthedecisionaffectsthefirm'sreportedprofitsfromanaccountingperspective.BTheyarenoteasilypredictedfromhistoricalfinancialstatementsofafirmanditscompetitors.CTheseearningsarenotactualcashflows.DTheydonotshowhowthefirm'searningsareexpectedtochangeastheresultofaparticulardecision.第4题CameronIndustriesispurchasinganewchemicalvapordepositorinordertomakesiliconchips.Itwillcost$6milliontobuythemachineand$10,000tohaveitdeliveredandinstalled.Buildingacleanroomintheplantforthemachinewillcostanadditional$3million.Themachineisexpectedtohaveaworkinglifeofsixyears.Whichoftheseactivitieswillbereportedasanoperatingexpense?AthedeliveryandinstallcostonlyBthecostofthedepositoronlyCtheredesignoftheplantonlyDthedeliveryandinstallcostandthecostofthedepositor第5题CameronIndustriesispurchasinganewchemicalvapordepositorinordertomakesiliconchips.Itwillcost$4milliontobuythemachineand$12,000tohaveitdeliveredandinstalled.Buildingacleanroomintheplantforthemachinewillcostanadditional$3million.Themachineisexpectedtohaveaworkinglifeofsixyears.Ifstraight-linedepreciationisused,whataretheyearlydepreciationexpensesinthiscase?A$666,667B$668,667C$1,166,667D$1,168,667第6题WhichofthefollowingisusuallyNOTafactorthatmustbeconsideredwhenestimatingtherevenuesandcostsarisingfromanewproduct?AthefluctuationsinthecostofcapitalovertheperiodinquestionBthesalesofanewproductwilltypicallyaccelerate,plateau,andultimatelydeclineovertimeCthepricesoftechnologyproductsgenerallyfallovertimeDcompetitiontendstoreduceprofitmarginsovertimeinmostindustries第7题Vernon-NelsonChemicalsisplanningtoreleaseanewbrandofinsecticide,Bee-Safe,thatwillkillmanyinsectpestsbutnotharmusefulpollinators.Buyingnewequipmenttomanufacturetheproductwillcost$15million,andtherewillbeanadditional$2millioncosttoreconfigureexistingplant.Theequipmentisexpectedtohavealifetimeofnineyearsandwillb